QUESTION

The following questions are designed to test your ability to apply the concepts and techniques covered in the course. Answer them as fully as possible, identifying each by number. Each answer should be 3-4 pages in length. Every question counts equally toward the exam grade.

Once you have completed the exam, submit it to your instructor using the Assignment Submission Form on the course homepage.

What would you do in the following situations?

You walk into a new job and find that there are hundreds of accounts payable checks sitting in drawers. At this point you have no idea how much cash is available and you must meet a payroll of $100,000 in 2 days. Where would you start? What would you do?

You are faced with the last days of a computer conversion and you are receiving calls that people have paid their bills, yet were not being credited for the payments. You later find no copies of receipts, yet the patients sent you copies of theirs. You know there was theft. How do you address it? How do you prove it? There were 4 people who had signed receipts. The total stolen was $10,000. Do you report it? Do you handle it yourself?

Imagine that you are the administrator of a nonprofit community hospital. You have been approached by medical staff from two different departments (for example, pediatrics and radiation therapy) who are equally convinced that their respective areas of specialty need major new pieces of high technology capital equipment that will greatly enhance patient care in each department. Knowing your hospital has limited resources for capital expenditures, what information do you need to gather? Once you have gathered this information, how will you go about deciding which department, if either, should get the equipment?

You are the nursing supervisor responsible for general medical/surgical units consisting of 50 beds. For the first time the chief financial officer has asked you to prepare a budget for your area of responsibility. Describe the process you will use to accomplish this task, including the information you will need, and the important steps in the process.

                                                       SAMPLE SOLUTION

You walk into a new job and find that there are hundreds of accounts payable checks sitting in drawers. At this point you have no idea how much cash is available and you must meet a payroll of $100,000 in 2 days. Where would you start? What would you do?

Accounts payable is the process of paying invoices and accounting, in other words, it represents the company’s updated lists of liabilities and debts (Holbrook, 2016). For good organization of the accounts payables, I would set up formal payable systems such as the spreadsheets, online finance program or excels under the manual entry accounts. Another good online option is the QuickBooks, which enhances record keeping of the various cheque or documents.

After setting up of the accounts payable system, every cheque or receipt for the incoming bill will be entered digitally into the system. The paper bills will also be organized and entered into the system digitally while filling the hard copies of the cheques. As the administrator, I will personally oversee the filling of the cheques into the accounts payable system to ensure no errors are made in the process of entry.

The trick in the best organization of these files will revolve around the creation of effective folder structure for the documents. Folder structures ensures that the files saved within them are well organized and sortable at any given time. It refers to the way the files are organized within the computer. I would create various folders at the same level depending on the dates that the cheques were paid. The individual cheques would then be entered into its respective folder as the dates for the payments indicate. The folders will then have each subfolder within it that contains the detail of the debtors who paid the bills as a way of tracking down how the hospital’s bills are paid.